Modernizing Traditional Business Practices for Better ROI

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Woman with brown hair in a pink dress smiling at the camera looking over her laptop. She is sitting in a modern office.

Run a business? Then you probably know that modernizing business practices can enhance ROI dramatically, allowing your company to gain access to new revenue streams and business models.

This guide outlines some approaches to modernize your business practices and drive your bottom line.

Deploy self-service portals

Setting up self-service digital technologies for business partners, employees, or both can double your chances of growing your returns. A company can establish trust in digital initiatives gradually, transforming traditional functions within its framework one by one. It doesn’t all have to happen overnight.

Use high-quality time clocks

Picking a time clock can seem like an afterthought when companies go through the process of selecting an attendance solution. They tend to go for the most affordable option, mistakenly believing low-end clocks work just as well as high-quality ones. High-end time clocks can increase your returns and reduce stress and headaches. They do this by automating attendance and time tracking, maximizing savings potential in the process.

Use VoIP to cut down on call time

You take a lot of calls as a business owner, so Voice over Internet Protocol (VoIP) is worth exploring if you’re still using a traditional phone. This protocol is also known as an internet phone because it lets you make phone calls online. It’s very easy to use – simply download the software and make calls from anywhere with an internet connection. It makes a wired telephone connection unnecessary.

Market digitally based on real-time data  

Even small local businesses can benefit from digital marketing. All kinds of services and tools are available, from SEO to social media marketing. Digital marketing enables centralized data storage, collecting reliable data in real-time, and building tools to analyze data and gain insight to make the most informed business decisions.

Digital marketing tools can help your business capture and analyze data and transform it into revenue-generating insight. Building an online presence for your company is also a good idea. If your business doesn’t have a social media page, you need to build one now.

Automate customer service and support

Lack of customer support will drive even potential clients away, but hiring staff isn’t cheap. One possible solution involves setting up automated customer support bots. Once you have those, you need just one employee to answer emails and questions, as a fallback for those things the AI can’t handle.

Assess the returns on business modernization

Embarking on the journey to digitalization comes with the need to prove the effectiveness of your measures. How do you measure the results? First of all, you need to involve every team and department in the company. Consider your short-, medium-, and long-term vision. Transforming business practices means investing in the future. The benefits can be huge, but they could take some time to manifest.

To assess the returns on your digital transformation accurately, you must identify the immediate, mid-term, and long-term impacts. Your projections need to be as consistent as they can.

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